Best Debt Crowdfunding Sites

0
3194

Modern crowdfunding is allowing people to get rid of their debt one step at a time. Thanks to peer to peer lending and debt based crowdfunding options, past due balances are starting to become a thing of the past. These crowdfunding sites that help to clear out debt are essentially providing consolidation loans, but they still serve a clear purpose. Even large amounts of debt, including student loans, can become manageable.

Here are some of the best debt crowdfunding sites that are on the Internet today.

1. Prosper

This platform takes out the middleman from the lending process. It features peer to peer lending instead of traditional loans or investing options. If you have debt, then you can connect to someone who is willing to invest in you. They make money by having interest on the payment they make to you, and you make money because you don’t have to pay high interest rates any more.

2. Lending Club

This platform allows you to get instant quotes in just a few minutes without having an impact on your credit score. You can choose to take the loan that is offered or not to take it if you want. If you do choose to take the loan, then you can watch as funds are committed by backers who are willing to take a chance on you and your future success.

3. GoFundMe

This platform is the perfect crowdfunding option if you prefer a DIY method of eliminating debt. With over $420 million raised for personal causes since its founding, GoFundMe has become an essential tool to help people make ends meet or get funds to help a charity meet their end of year budget requirements.

4. YouCaring

It doesn’t make sense to go into debt in order to get access to debt payments. That’s why this platform doesn’t charge its fundraisers anything, even if they are able to raise millions of dollars. The backer list on this platform is also quite diverse. There are supporters that donate regularly from all over the world.

5. Sofi

Student loans might just kill off the American economy one day. If this platform has something to say about it, then peer to peer lending that is specifically directed to student loans can save the economy from failure. This platform connects those who have graduated with their Alumni Association and potential backers so that student loans can be manageable.

6. Upstart

This platform believes that people are much more than just a credit score. Low credit scores, however, equate to high interest rates. If you need a loan, then you are either going to pay a lot for it or need to save cash to forgo the whole lending process in the first place. By incorporating your employment history and your academic performance, Upstart provides interest rates that are typically lower for loans than any other traditional lending institution is able to provide.

Debt can cause a lot of stress. Thanks to platforms like these, that can go away quickly. If you need help with your debt, then give one of these platforms a try today.